Market research groups within the biopharmaceutical industry rely extensively on vendors for primary and secondary market research to support their internal clients. Many market research groups opt to work with exclusive vendors to attain greater work efficiency and faster turnaround.
Like other functions that work with vendors, market research groups often struggle to find the optimal balance between controlling vendor costs and delivering quality insights.
Best Practices, LLC conducted benchmarking research to examine both well-established and newly emerging models and trends in market research vendor management. In particular, this report provides benchmarks around managing exclusive vendor partnerships, use and extent of outsourcing of exclusive vendors, evaluation and return on investment, vendor management automation and key lessons learned.